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SUBJECT CODE – 700007
SUBJECT NAME – STATISTICS FOR BUSINESS
UNIVERSITY NAME – WESTERN SYDNEY UNIVERSITY
Statistics for Business 700007, is a core subject offered at Western Sydney University to students. The main objective of this subject is to help students analyze and describe business data in order ta make evidence-based decisions using descriptive and inferential statistics which is based on well-reasoned statistical arguments.
Western Sydney University lists the following topic in their subject Statistics for Business 700007. Important topics included are-
Introduction to descriptive statistics for displaying and summarizing business data.
The use of probabilities and random variables in business decision models.
Probability distribution.
A sampling of business data.
Simple linear regression and correlation.
Time series analysis.
Use of index numbers in economic data.
In general terms, statistics is a study of numerical data, facts, and figures as well as measurements which are used to convert this raw numerical data into useful information.
Arthur Lyon Bowley, a famous Statistician, and Economist defined statistics as a science of averages. He defined statistics as a numerical statement of facts in any department of inquiry placed in relation to each other.
Business statistics use the data analysis techniques learned in elementary statistics to business problems. For example, Estimating the probability
of a fault coming off a factory line, or determining where sales are headed in the future. Many of the techniques used in Business statistics are based on concepts taught in elementary school: mean, mode, and median, bar graphs, the bell curve, and fundamental probability. This foundation is built on hypothesis testing (where you test a concept) and regression analysis (fitting data to an equation).
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Probability denotes the possibility of something happening. It's a field of mathematics that studies the probability of a random event occurring. From 0 to 1, the value is expressed. Probability is a mathematical concept that predicts how likely occurrences are to occur.
The definition of probability is the degree to which something is likely to occur. This is the fundamental probability theory, which is also applied to the probability distribution, where you will learn about the possible results of a random experiment. To determine the probability of a particular event occurring, we must first determine the total number of alternative possibilities.
The formula for Probability-
Probability of event to happen P(E) = Number of favorable outcomes/Total Number of outcomes.
The tree diagram helps to organize and visualize various alternative outcomes. The two primary positions of the tree are the branches and the ends. Each branch's probability is written on the branch, whereas the ends provide the final conclusion. When determining when to multiply and when to add, tree diagrams are employed.
There are mainly three types of probability, which are-
Theoretical Probability
Experimental Probability
Axiomatic Probability
It is predicated on the probability of something occurring. The rationale behind probability is the foundation of theoretical probability. If a coin is tossed, for example, the theoretical probability of receiving a head is 1/2 percent.
Experimental Probability is the probability that is based on a series of experiments. However, it is based on data acquired after the completion of an experiment. It's the ratio of the number of times an event happens to the total number of experiments done.
Axiomatic Probability is the probability in which a set of rules or axioms are already set that applies to all types. The possibilities of events occurring and not occurring can be quantified using this probability. It is the probability of a subsequent event or outcome based on the occurrence of a previous event or outcome. Take Expert Assistance in Statistics for Business 700007 Assignment We as an assignment help service website aim to help students with their complex and detailed subject assignments, which they are unable to complete on their own due to a number of reasons. It is been observed that due to increasing competition, students undergo countless struggles in completing their assignments with accurate information, and impeccable format as their main target is to score good marks.
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(a) Give an example of two independent events. (1mark)
(b) Over the last few years, most academic institutions in Australia have become very
cautious about people who smoke in public places. A survey was conducted
across a random sample of 90 employees of some colleges in NSW to determine
whether they wanted to smoke banned at this college or not.
(i) What is the probability that a randomly selected employee does not smoke? (1 mark)
(ii) What is the probability that a randomly selected employee is a female and
does not smoke? (1 mark)
(iii) What is the probability that a randomly selected employee is a female or
does not smoke? (1 mark)
(iv) If a female employee is selected at random, what is the probability that she
does not smoke? (1 mark)
(v) If an employee is randomly selected, what is the probability that the employee is a female and smokes or is a male and does not smoke? (2 marks)
(c) Match the probability with the correct event. (2 marks)
(d) Match the formula with the event. (2 marks)
Suppose 70% of students who enrolled in a Statistics class at a certain college are male students. It is known from the previous year that in a Statistics class test at this college, 5% of males and 10% of females got an “HD” grade.
(i) Draw a tree diagram to represent information clearly indicating the given probabilities. (3 marks)
(ii) Find the probability that a randomly selected student is a female. (1 mark)
(iii) If a male student is selected what is the probability that he has an HD? (1 mark)
(iv) If a student is randomly selected what is the probability that he is a male and has a HD? (1 mark)
A group of kids was asked if they have cats and dogs as their pets. The Venn diagram given below shows the information obtained.
Let C= Having a pet cat and D= Having a pet dog
a) How many kids were in this group? (1 mark)
b) Write down the following: (9 marks)
i) P(C)
ii) P(C′)
iii) P(D)
iv) P(D′)
v) P(C ∩ D)
vi) P(C ∪ D)
vii) P(C | D)
viii) P(D|C)
ix) P(C ∪ D)′
A medical researcher gathered the below information from residents in a retirement village. (10 marks)
73% of the residents have high blood pressure.
68% of the residents have diabetes.
57% of the residents have both high blood pressure and diabetes.
Let H = Having high blood pressure and D = having diabetes.
Complete the following table by assigning the correct notation from the list below and calculating the correct values of probability.
P(HUD) P(D|H) P(H) P(H|D) P(H') P(H∩D) P(D)
A random variable X represents the number of books a high school student read a week and it can take values from 0 to 6. The probability distribution of x is given in the table below.
i) Find the values of p for this to be a valid probability distribution. (1mark)
ii) What is the probability that a randomly selected student read exactly 3 books per
week? (1 mark)
iii) What is the probability that a randomly selected student read more than 3 books
per week? (1 mark)
iv) What is the probability that a randomly selected student read less than 2 books per
Week? (1 mark)
The increased number of small commuter planes in major airports has heightened concern over air safety. Tolly Airport has recorded a monthly average of five near-misses on landings and takeoffs in the past 5 years.
(a) Find the probability that during a given month there are no near-misses on landings and
takeoffs at the airport. (2 marks)
(b) Find the probability that during a given month there are five near-misses. (2 marks)
(c) Find the probability that there are at least five near-misses during a particular
Month. (2 marks)
The weekly pay of employees in a certain company is normally distributed with a
mean of $900 and a standard deviation of $120.
If an employee is selected from this company, what is the probability that he will
have weekly pay,
i) between $900 and $950?
ii) more than $950?
iii) less than $950?
iv) between $800 and $900?
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